One of the few horror films I’ve ever watched was a movie called ‘Final Destination.” The movie begins on a plane where one of the characters has a prophetic version of the plane exploding. The character and those with him leave the plane before it takes off – which does end up exploding, killing everyone on board. No one is safe however, as they’ve “cheated” death, which picks them off one by one for the rest of the film.
Justice is a lot like death – you can run, but it’ll catch up to you.
Al Capone wasn’t convicted for his prohibition crimes – but he was put away on tax evasion charges. OJ Simpson was exonerated for the murders of Nicole Brown Simpson and Ronald Goldman, but was convicted for armed robbery and kidnapping over two decades later.
And this past September, hedge fund manager Martin Shkreli accomplished the seemingly impossible task of drawing media attention away from Donald Trump when he raised the price of the drug Daraprim, which is used to treat HIV positive individuals, 5,500%, from $13.5 to $750 per tablet.
Justice caught up to Shkreli, and it didn’t even take more than a few months.
As CNBC reports, “Shkreli, who is now chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals, was charged in a federal indictment related to his time managing hedge fund MSMB Capital Management and CEO of biopharmaceutical company Retrophin.
The U.S. attorney’s office in Brooklyn, New York, unsealed an indictment against Shkreli on Thursday, charging him with seven counts including conspiracy to commit securities fraud and conspiracy to commit wire fraud. U.S. Attorney Robert Capers alleged Shkreli used Retrophin to cover personal debts.
“As alleged in the indictment, Shkreli essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off the defrauded investors in the prior company,” Capers said.
“As alleged in the indictment, Shkreli essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off the defrauded investors in the prior company,” Capers said.Shkreli was released on a $5 million bond, and had his travel restricted to parts of New York. He surrendered his passport and cannot contact MSMB or Retrophin employees.”
Shkreli faces a number of consequences if convicted, including jail time and restitution to victims. He also won’t legally be able to serve as a hedge fund manager with a securities fraud conviction on his record (even once he’s out of jail) which should keep him out of the spotlight permanently.
Justice is served!
[Note: This article was written by The Analytical Economist]